coinculture.com
Following the recent approval for trading spot Ethereum (ETH) ETFs, attention has turned to the possibility of a Cardano (ADA) ETF.
Is Cardano Next?
The speculation began with a provocative post on X by Tap Tools, a platform that tracks tokens, NFTs, and wallets on the Cardano blockchain. The post raised the question:
“Is an $ADA ETF up next?”
Hoskinson’s Reaction
In response, Charles Hoskinson, the founder of Cardano, shared a GIF of a superhero saying, “Fine, I’ll do it myself,” which intensified the speculation within the ADA community.
While some were excited, others were less enthusiastic. One X user, Batman, expressed disappointment, saying,
“We don’t want a Cardano ETF.”
Impact on ADA’s Price
Despite the buzz, ADA’s price dropped by over 5% in the past 24 hours, as reported by CoinMarketCap. The Relative Strength Index (RSI) remained below the neutral mark at 44, indicating a bearish trend. Additionally, the convergence of the Bollinger Bands suggested reduced volatility, hinting that the bearish trend might continue.
However, AMBCrypto’s analysis of IntoTheBlock data indicated a balanced sentiment in the ADA market, with no clear dominance of bulls or bears.
Chang Hard Fork and Future Prospects
Anticipation is growing for the upcoming Chang Hard Fork, which could potentially boost ADA’s value. Historical data supports this optimism; during the Alonzo Hard Fork in August 2021, ADA surged by 130%, from $1.35 to $3.10. The community hopes for similar gains with the Chang upgrade and the possible introduction of an ADA ETF.
Ripple CEO Brad Garlinghouse had previously predicted the emergence of various crypto ETFs, including Cardano, stating,
“I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great.”